Ayayai Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $15,000,000 on January 1, 2020. Ayayai expected to complete the building by December 31, 2020. Ayayai has the following debt obligations outstanding during the construction period. $6,000,000 Construction loan-12% interest, payable semiannually Issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long term loan 11% interest. payable on January 1 of each year Principal payable on January 1, 2024 4,500,000 3,000,000 Assume that Ayayal completed the office and warehouse building on December 31, 2020, as planned at a total cost of $15,600.000, and the weighted average amount of accumulated expenditures was $10,800,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, ex. 7.58% for computational purposes and round final answers to decimal places, c.8. 5.275.)